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Article Excerpt
San Diegans take heed: In the next 12 months, stretches of affordable luxury residential property south of the border could be just a bank loan away.
U.S. citizens who have long dreamed of owning beachfront property in Mexico, but could not secure financing, may be able to make that dream a reality sooner than they once thought.
Several U.S. banking institutions are ramping up their lending programs to serve the growing demand among U.S. citizens to invest in residential real estate in Mexico. According to one expert, in 2005 there is likely to be six banks offering mortgages on Mexican homes, which is significant considering that just three banks were originating such loans at the end of last year.
A good deal of the interest can be attributed to the fact that the residential real estate market in Mexico is quickly heating up.
"It is safe to say that there is a residential acquisition boom going on in Mexico. The investment markets in Mexico today are prolific," said Mitch Creekmore, vice president and Mexico division manager for Houston-based Stewart Title Guaranty Co.
Creekmore is one of the foremost authorities on Mexican real estate in the United States and established his company's presence as one of the first title insurers in Mexico more than 11 years ago.
Stewart Title doubled its title insurance orders in Mexico from 2003 to 2004, issuing more than 700 titles on Mexican residential properties last year. The company also tripled escrow services from 2003 to 2004, establishing more than 950 escrow orders in 2004, according to Creekmore.
On March 1, Mexico's Association of Real Estate Developers said investment in Mexican real estate is likely to expand between 5 percent and 8 percent this year, from about $10 billion in 2004. Adolfo Fastlich, the association's president, said he expects housing, which accounted for about half of...
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